AUD Weekly and 5-day patternAUD completes the move into July's 50% level finding precise support.
We have seen precise support on the S&P, NYMEX, and the SPI on July's 50% level, only to see all those markets break lower the very next day or the day after.
Therefore there isn't anything to suggest that the AUD will find support and move upwards.
Based on Wednesday's 5-day breakout, I would expect a push down.
Based on July's 50% level support and Wednesday's 5-day breakout, I would also expect price to move back upwards and retest the breakout before price continues lower.
In conclusion:- 5-day 50% level resistance.
Random support brown filter @ 7730....
Along with the potential to break July's 50% level....
Euro Weekly and 5-day patternSame expectation that Price will continue down into July's 50% level.
Same expectation on any downside will be based on using the 3-day filters to trade the downside, as was the case on Yesterday.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
